According to the new document, as of January 2019, Industrial Heat makes up 2.32% of Woodford’s Equity Income Fund, and 9.73% of its Patient Capital Trust. About their investment in IH, Woodford writes that it first invested in Industrial Heat in May 2015. Woodford states that “Industrial Heat has built a platform of new energy technologies focused on harnessing hitherto poorly understood or neglected energy science, including cold fusion.” The current status of this investment is described:

“Following some disappointing initial developments, the investment was written down in 2016. However, over the last 18 months, progress within the portfolio has shown increasing promise. The company continues with independent testing on its technologies with promising results. This is exciting and positive progress, but it remains early days in the development and commercialization of its technologies”